Full maturity option bond fund

ABSTRACT

The invention is a full maturity option bond fund that provides a bond fund wherein the investors have the option of specifying maturity dates for their investment that coincide with the maturity date of a debt securities held by the bond fund manager. Whereby the investor having held his bond fund investment until the debt security matures receives the full face value of the original investment. The invention also allows the investor to receive a cash credit for interest received relative to each maturity date selected less fund fees. The interest could be withdrawn as cash or reinvested in the fund at a selected maturity date.

BACKGROUND OF THE INVENTION

[0001] 1. Field of the Invention

[0002] The present invention relates generally to bond mutual funds and,more specifically, to a full maturity option bond fund whereby aninvesting entity is able to specify interest rates, less fund fees,based on predetermined maturity dates for bond investments which willresult in a return of interest earned and, at a minimum, the full valueof the original investment when the selected investor maturity datecoincides with the bond investment maturity date.

[0003] Debt securities are issued by federal or state governments,municipalities, and corporation with a maturity date whereby the holdersof said debt securities are repaid the face value at maturity. Duringthe life of the debt securities, interest payments are paid at theinterest rate stated on the note to the holders of said debt securities.

[0004] Most of these debt securities are purchased by institutionalinvestors who package them in various risk graded portfolios that areoffered to investors for purchase as bond fund units. The size of thefund and the price of the units vary depending on the institutionoffering the fund. But, basically the fund is paid interest by the bondissuers and the interest payments, deposited in the fund, contribute toincreasing the value of the fund units. As the securities held by thefund mature or are called for early repayment the institutional investorreplaces them with additional debt securities. When an investor cashesout their fund units, in whole or in part, they are paid a value basedon the unit value existing on the day of redemption. The unit value foreach day is determined by determining the market value of the securitiesin the fund plus whatever cash is on hand. The market values of debtsecurities, on any given day, generally fluctuate inversely withprevailing interest rates based on dates of maturity and directly withmarket emotions. During equity market declines, inflationary periods, orunstable political environments positive market sentiment in favor ofdebt securities may raise bond market values above their face value orpure interest adjusted values. Conversely during strong increasingequity markets, decreasing inflation, or stable political environments,negative market sentiment regarding debt securities may decrease marketbond values below the interest adjusted values or the face value of thesecurity. At the time of redemption by the investor, the unit values inthe fund may be well below their original value in which case theinvestor fails to recover the interest earned, and the original unitvalue of the investment or, even at a minimum, the face value of thesecurities as they would convert to unit values.

[0005] The present invention is a bond fund that offers investors theoption of holding their fund units until one or more maturity datesselected at the time of investment (which are matched by the debtsecurities held by the fund) or taking early redemption because eitherthe bond (unit) values have increased above the original investmentvalue or the investor decides to cash out for other reasons. Theinvention also allows the investor a means of utilizing interestproceeds as either cash for withdrawal or reinvestment in the fund. Thefund expenses will be recovered from the interest payments received fromthe debt securities (bonds). If an investor redeems their fund units inwhole or in part before the maturity dates selected, the fund unitsvalue will be determined by the existing market values of the units ondate of redemption.

[0006] 2Description of the Prior Art

[0007] There are other financial management systems designed forinvestment. Typical of these is U.S. Pat. No. 5,083,782 issued toNilssen on Jan. 28, 1992.

[0008] Another patent was issued to Champion et al. on Jun. 30, 1992 asU.S. Pat. No. 5,126,936. Yet another U.S. Pat. No. 5,132,899 was issuedto Fox on Jul. 21, 1992 and still yet another was issued on Nov. 16,1993 to Earle as U.S. Pat. No. 5,262,942.

[0009] Another patent was issued to Finfrock et al. on Jan. 7, 1997 asU.S. Pat. No. 5,592,379. Yet another U.S. Pat. No. 5,884,287 was issuedto Edesess on Mar. 16, 1999. Another was issued to Tull, Jr. et al. onAug. 31, 1999 as U.S. Pat. No. 5,946,667. Another was issued toO'Shaughnessy on Nov. 2, 1999 as U.S. Pat. No. 5,978,778 and still yetanother was issued on Jan. 25, 2000 to Nilssen. as U.S. Pat. No.6,017,063.

U.S. Pat. No. 5,083,782 Inventor: Ole K. Nilssen Issued: Jan. 28, 1992

[0010] A financial institution, such as a bank, issues numerous uniquelycoded certificates to various individual entities in exchange formonetary value received. The holder of each certificate is entitled toreceive a certain average rate of income from the monetary valuerepresented by that certificate; which average rate of income wouldgenerally be proportional to prevailing interest rate as well as to themonetary value represented by the certificate. To avoid the relativelyhigh transaction costs associated with periodic payments of a relativelymodest income to the holder of each of numerous individual certificates,a statistical method is used. By way of this statistical method, arelatively few of the numerous uniquely coded certificates are randomlychosen at the end of each of a continuous sequence of time periods, andall the income attributable to all the issued certificates for theassociated time period is then paid to the holders of the relatively fewcertificates chosen for that time period. Alternatively, the earningsresulting from the monetary values received are simply retained andadded to the total fund of money underlying the certificates, therebycausing the monetary value of each certificate to grow over time. Thus,the total earnings attributable to a given certificate is continuouslycumulated and added to the value represented by that certificate.

U.S. Pat. No. 5,126,936 Inventor: Robert R. Champion et al. Issued: Jun.30, 1992

[0011] A data processing apparatus and method controls and implements agoal-directed financial assets management system. The operative systemreceives investor deposits at selected levels of correspondence toestablished capital markets. A proportionality factor, or “marketmultiple” MM, is established as a measure of correspondence between theaccount and each market or asset of interest. The operative systemperiodically enters new account data and adjusts the individual accountsin response thereto. The system determines a net position change whichis translated into aggregate purchase/sale orders of various marketindex futures contracts or other capital instruments. The systemautomatically adjusts the risk exposure in any asset category to preventits reaching an excessive level. As a result, an account can never losemore than the amount deposited. The data processing system providesefficient operation and low transaction fees to the participatinginvestors.

U.S. Pat. No. 5,132,899 Inventor: Philip J. Fox Issued: Jul. 21, 1992

[0012] The present invention combines data gathering and processingmethodology with computer apparatus to produce a system whereby a listof stocks and a cash position is generated and purchased for investmentand operating accounts. Specifically, the system integrates three areasof data: investment performance for investment managers (the investmentmanager database); federal Securities Exchange Commission (SEC) reportsfiled quarterly by investment managers (the government report database);and financial characteristics for a large number of stocks (the stockdatabase). Various screens and criteria are applied to the three dataareas. The investment managers in the investment manager database arescreened to find investment managers with top performances who meet aseries of other criteria. The government reports are screened based uponthe largest stock holdings for the investment managers chosen in thefirst step. The stock database financial characteristics are appliedagainst the stocks from the government reports.

U.S. Pat. No. 5,262,942 Inventor: Dennis M. Earle Issued: Nov. 16, 1993

[0013] A financial transaction network employs a shareholder networkserviced by a host processor. The financial network maintains (n) numberof mutual fund portfolios operating in different currencies. The hostprocessor acts a communications switch validating incoming transactionrequests and routing them to a central Transfer Agent system forexecution. The host processor maintains central records that can bequeried through the host. The Transfer Agent is responsible for updatingthe database. The financial network provides accessibility, speed andfinality of settlement in transactions by using mutual fund shares indiverse currencies as substitutes for those currencies.

U.S. Pat. No. 5,592,379 Inventor: Dale B. Finfrock et al. Issued: Jan.7, 1997

[0014] The instant invention is a method and apparatus for administeringa program to senior citizens for managing and distributing the interestfrom pooled government bonds or the like. The program derived around abond fund unit of various security offerings to specific groups ofsenior citizens having a common age and financial goal. As long as theparticipant is alive, the participant will share equally in anincreasing income stream derived from the interest from the security dueto the number of decreasing participants in a fixed pool based on theparticipant's initial investment. The income producing bonds jointlypooled and singularly administered based upon U.S. Treasury bonds whoseresulting interest is distributed to the remainder of livingparticipants while bond maturity value remains payable to theparticipant or their estate. The program aids the participants andmanagers involved with the program regarding Fund assets, statisticalpredictions, and dividend distribution.

U.S. Pat. No. 5,884,287 Inventor: Michael Edesess Issued: Mar. 16, 1999

[0015] The present invention is a computer-implemented system and methodto create an optimal investment plan given wealth goals stated inprobabilistic form, and to display the resulting probabilitydistributions of wealth accumulations at future times where the methodprovides inputs for entering and storing in a computer target andfallback scenarios and required probabilities, computes rate of returnvalues responsive to the user input, generates an efficient portfolioarray, computes probabilities for the efficient portfolio array relatedto the rate of return values, iteratively compares the arrayprobabilities so that the target and fallback scenario probabilities aresatisfied and an optimum efficient portfolio is selected and thenprovides a graphical representation of the selected efficient portfolio.

U.S. Pat. No. 5,946,667 Inventor: Robert Stanley Tull, Jr. Issued: Aug.31, 1999

[0016] A data processing system and method is disclosed for implementingand control of a financial debt instrument which is issued for a limitedperiod of time and is traded as a listed security. The debt instrumentis based on an underlying basket of stocks optimally selected to trackan established capital market and its price also reflects accruedinvestment income and maintenance expenses. The data processing systemreceives input from the capital market and periodically evaluates theperformance of the financial debt instrument, reporting its price tocustomers. Also disclosed is a data processing system for administeringan investment group of such debt instruments designed to track theperformance of several domestic and foreign markets, estimate theirreturn and provide current price information to customers.

U.S. Pat. No. 5,978,778 Inventor: James P. O'Shaughnessey Issued: Nov.2, 1999

[0017] The invention is in the field of using a computer to selectcorporate stocks for investment. Fifty stocks are selected from adatabase on the basis of certain criteria. The stocks are acquired inequal proportions, and the portfolio is rebalanced at the end of anannual term. A method of the present invention uses either a growthstrategy, a value strategy, or both strategies. Growth Model 3 strategyselects the stocks with the best 1-year price performance from AllStocks (stocks with market capitalization more than $150 million) withearnings gains for five consecutive years that also have price-to-salesratios below 1.5. Value Model 3 strategy selects market leading stockswith the highest dividend yields (excluding utilities so they do notdominate the list). Market leading stocks come from the Large StocksUniverse and have: more common shares outstanding than the average stockin the database, cashflows per share exceeding the database mean, andcorporate sales that are 1.5 times the database mean. A stock portfoliomay be constructed which uses both Growth Model 3 and Value Model 3 inchosen proportion to one another. At the end of an annual term, theamount of money generated by the two strategies is pooled and thenre-invested in accordance with the chosen proportion (which may changeover time).

U.S. Pat. No. 6,017,063 Inventor: Ole K. Nilssen Issued: Jan. 25, 2000

[0018] A financial and/or a commercial enterprise, such as a mutualfunds operator and/or a general merchandise/product sales establishment,prices its various financial and/or commercial goods in certain basicpricing units and sells uniquely coded certificates denominated in suchpricing units; which pricing units are of such nature as to besubstantially unaffected by inflation. Then, at any later time theholder of such a certificate is entitled to exchange this certificatefor financial and/or commercial goods equivalent in total pricing unitsto the denomination specified on the certificate, regardless of anyintervening changes in dollar pricing of the various items of financialand/or commercial goods. Since the purchaser of a certificate helps payfor the inventory of financial and/or commercial goods underlying thecertificates, each holder of such a certificate periodically receives aninterest payment in the form of a pre-established probabilistic chanceto win additional certificates.

[0019] While these financial investment systems may be suitable for thepurposes for which they were designed, they would not be as suitable forthe purposes of the present invention, as hereinafter described.

SUMMARY OF THE PRESENT INVENTION

[0020] A primary object of the present invention is to provide a bondfund for investors.

[0021] Another object of the present invention is to provide a bond fundthat purchases debt securities with callable and/or non-callablematurity dates.

[0022] Yet another object of the present invention is to provide a bondfund that credits interest payments to the investor's account as a cashvalue (and not as fund units). The amount of the interest payments wouldbe related to the maturity dates originally selected by the investor.The investor may elect to withdraw all or portions of the earnedinterest and may designate all or portions of the earned interest forreinvestment in the fund in prescribed percentages at various selectedmaturity dates.

[0023] Another object of the present invention is to provide bond fundwhere investors can redeem their investments at specified maturity datescoinciding with the debt security maturity dates held by the fund andthereby receive as a minimum unit redemption values equivalent to fullface value of the bond(s).

[0024] Yet another object of the present invention is to provide a bondfund where investors can redeem their investment prior to a specifiedmaturity and receive a value based on the market value of the fund unitsexisting on the day of redemption. That value may exceed or fall shortof the invest value depending on the current market value of the bondsheld for the selected maturity date.

[0025] Another object of the present invention is to provide a fullmaturity option bond fund that invests in either tax exempt or taxabledebt securities.

[0026] Additional objects of the present invention will appear as thedescription proceeds.

[0027] The present invention overcomes the shortcomings of the prior artby providing a bond fund wherein the investor has the option ofspecifying one or more maturity dates for increments of their investmentthat coincide with maturity dates of debt securities held by the bondfund manager or redeeming their fund units at any time for the unitvalue determined on the day of redemption. The invention furtherovercomes the shortcomings of prior art by giving the investors interestpayment credits as specified cash value in their fund account, which maybe withdrawn or reinvested in the fund. Prior art has only provided forthe investor to realize the benefits of interest paid to the fund byrealizing increased fund unit values or additional fund units.

[0028] The foregoing and other objects and advantages will appear fromthe description to follow. In the description reference is made to theaccompanying drawing, which forms a part hereof, and in which is shownby way of illustration specific embodiments in which the invention maybe practiced. These embodiments will be described in sufficient detailto enable those skilled in the art to practice the invention, and it isto be understood that other embodiments may be utilized and thatstructural changes may be made without departing from the scope of theinvention. In the accompanying drawing, like reference charactersdesignate the same or similar parts throughout the several views.

[0029] The following detailed description is, therefore, not to be takenin a limiting sense, and the scope of the present invention is bestdefined by the appended claims.

LIST OF REFERENCE NUMERALS UTILIZED IN THE DRAWINGS

[0030]10 Full Maturity Option Bond Fund

[0031]12 provide investor with prospectus

[0032]14 investor completes application

[0033]16 investor supplies application and funds

[0034]18 investor designates bond fund, amount and interest allocation

[0035]20 FMOBF establishes account

[0036]22 FMOBF establishes investor's account

[0037]24 FMOBF allocates fund units

[0038]26 FMOBF updates investor's reinvestment allocation

[0039]28 FMOBF credits interest to investor's account

[0040]30 FMOBF provides account statement

[0041]32 investor provides account changes

[0042]34 investor provides reinvestment reallocation

[0043]36 investor provides additional funds

[0044]38 investor redemption

[0045]40 investor redemption meets maturity date

[0046]42 FMOBF redeems based on day-of-redemption interest rate

[0047]44 FMOBF redeems based on original unit values

[0048]50 bond fund purchase transaction processing

[0049]52 select bond fund investment processing

[0050]54 bond fund purchase processing

[0051]56 select bond portfolio

[0052]58 enter payment method

[0053]60 investor maturity date decision

[0054]62 enter amounts to be invested by maturity date

[0055]64 enter interest payment or reinvestment allocation

[0056]66 investor exits selection and investment process

[0057]70 bond fund redemption transaction processing

[0058]72 select bond fund redemption processing

[0059]74 redemptional decision

[0060]76 processing complete

[0061]78 enter bond fund investment portfolio

[0062]80 enter electronic funds transfer information

[0063]82 retrieve maturity date

[0064]84 calculate date differential

[0065]86 decisional date differential

[0066]88 redemption value based on debt security maturity

[0067]90 redemption value based on current market value

[0068]92 FMOBF investment application

[0069]94 investor completed application

[0070]96 FMOBF interest calculation

[0071]96 FMOBF supplied investor statement

BRIEF DESCRIPTION OF THE DRAWING FIGURES

[0072] In order that the invention may be more fully understood, it willnow be described, by way of example, with reference to the accompanyingdrawing in which:

[0073]FIG. 1A through IC is a flowchart of the present invention;

[0074]FIG. 2 is a flow chart of the purchase of debt securities.

[0075]FIG. 3 is a flow chart showing the redemption of investment.

[0076]FIG. 4 is an illustrative view of a bond fund data sheet that canbe used to record investments.

[0077]FIG. 5 is an illustrative view of the datasheet as shown in FIG. 4having a plurality of selectively chosen debt securities.

[0078]FIG. 6 show a bond fund datasheet showing interest calculation.

[0079]FIG. 7 is a datasheet showing investor investment statement

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENT

[0080] Turning now descriptively to the drawings in which similarreference characters denote similar elements throughout the drawingfigures. FIG. 1 through FIG. 4 illustrate the full maturity bond fund ofthe present invention indicated generally by the numeral 10.

[0081] Referring to FIG. 1A through 1C, one or more investors requestthrough a communications link, personal computer, telephone, fax, mail,etc, a prospectus offering of the Full Maturity Option Bond Fund(FMOBF). The FMOBF provides potential investor's with a prospectus andapplication form (12) whereby investor's selectively complete theinvestment application (14) and returns said application and funds toFMOBF 16. Upon review the FMOBF establishes an investor account 20,deposits funds and credits investors account 24 and updates investorsreinvestment allocation. At predetermined periods FMOBF creditsinvestor's accounts with bond interest 28 and issues investors with anaccount statement 30. The investor is charged with maintaining theiraccount information 32 which can include reinvestment reallocation 34,additional investment requests 36, and notice of redemption 38. When theinvestor chooses to liquidate any bond units, FMOBF will calculate thevalue of the bond units based on whether the bond fun units have reacheddate of maturity 40. If the investor's sale request is on or after thebond fund maturity date, then the investor will receive their originalinvestment 44. If the investor's sale request falls before the bond funddate maturity date, then the investor will receive funds based onday-of-redemption interest rate.

[0082] While it is not the intent of the present invention to dictatewhat form of communication will be used between the investor and thebond fund, it is recognized that the Internet provides timely transferof information, as well as, security in the transfer of confidentialinformation. Therefore, it is felt that the focus of the presentinvention would be well served within the arena of the Internet wherebyinvestors may complete transaction as need be.

[0083] Referring to FIG. 2, shown is the process of purchasing apercentage of a bond portfolio 50. The investor designates what type oftransaction is to occur. By specifying a purchasing option 54 theinvestor is queried to select the bond portfolio 56. After selection ofthe bond portfolio, the investor will be queried for preferred paymentmethod 58. At this point the investor is queried whether they intend tohold the units until maturity 60. The investor signals that they intendto hold the units until maturity by entering increments of investmentwithin the unit maturity dates offered by the fund 62. This does notobligate the investor to hold the units to maturity. If the investordecides not hold the units until maturity they may enter a redemptionrequest at any time for selling their fund units at the current day'svalue. The investor next enters instructions for interest payment asdesignated percentages for cash payments and/or for reinvestment atselected maturity dates 64.

[0084] The offer by the bond fund to redeem the investment for full facevalue will not only encourage investors to hold their investment tomaturity but will also stabilize the bond fund.

[0085] The advantage of debt securities is that they are incomegenerators. They provide a balance within an investor's portfolio. Bycrediting interest earnings as a separate cash value line item in theinvestors fund account the investor will be able to withdraw or reinvestinterest while still holding fund units to maturity. By having theoption of holding their investment to maturity, the investor willreceive at a minimum full face value at redemption. This would also makebond fund investment more attractive to the small investor.

[0086] Referring to FIG. 3, shown is the process of redeeming apercentage of a bond portfolio 70. The investor designates what type oftransaction is to occur. By specifying a redemption option 72, theinvestor serves notice that one or more investments are to be redeemedfrom the bond fund.

[0087] The investor selects that portion of their portfolio forredemption. Whereupon they will be queried as to the method and/orcriteria for payment 80. The system will retrieve and compare thematurity date as specified when the investment was made 82. If thematurity date was not specified, the redemption value will be calculatedas the number of fund unit times the current market value of the fundunits 90. If the maturity date was specified and does not coincide withthe maturity of the debt security, the redemption value will becalculated as the number of fund unit times the current market value 90.If the maturity date coincides with the maturity date of the debtsecurity the redemption value will be equal to the original investment.

[0088] The management fees are continuously calculate with interestpayment disbursements and deducted prior to investor disbursements.

[0089] Referring to FIG. 4, shown is one method 92 for displaying thebond fund portfolio of the full maturity option bond fund site. Theinvestor is provided with a listing of reinvestment bonds with currentmarket interest yield and the principal value. The investor has theoption of selectively entering one or more dollar investment amounts forpredetermined debt securities.

[0090] Referring to FIG. 5, is an illustrative view of the selectivelycompleted form 94 shown in FIG. 4. Depicted is a view of the bond fundportfolio of the full maturity option bond fund site. The investor isprovided with a listing of reinvestment bonds with current marketinterest yield and the principal value. The investor has selectivelyentered a plurality of dollar investment amounts and the percentageallocation of the interest earned.

[0091] Referring to FIG. 6, shown is an illustrative view of a datasheet 96 showing interest calculations for a registered investorplurality of bond holdings.

[0092] Referring to FIG. 7, shown is an illustrative view of a datasheet showing investor holdings 98 managed by the full maturity optionbond fund. FMOBF provides investor's with a statement of holdings

What is claimed is new and desired to be protected by letters patent isset forth in the appended claims:
 1. A method of full maturity optionbond fund comprising: a) means for listing a plurality of debtsecurities from a plurality of debt securities issuers; b) means forselecting from a plurality of issuers debt securities; c) means forspecifying a dollar amount investment to a specific issuer's debtsecurity issuance; and d) means for specifying a percentage allocationof the interest earned to various investment maturities options.
 2. Thesystem of claim 1, wherein said means for listing a plurality of debtsecurities from a plurality of debt securities issuers includesproviding an investor with a list of available debt securities forreinvestment;
 3. The system of claim 1, wherein said means for selectingfrom a plurality of issuer's debt securities includes means forrecording of an investors securities selection.
 4. The system of claim1, wherein said means for specifying a dollar amount investment to aspecific issuer's debt security issuance includes means for recording aninvestors dollar amount of investment.
 5. The system of claim 1, whereinsaid means for specifying a percentage allocation of the interest earnedto various investment maturities options includes means for recording apercentage allocation of interest earned.
 6. A system for full maturityoption bond fund comprising: a) listing a plurality of debt securitiesfrom a plurality of debt securities issuers; b) selecting from aplurality of issuers debt securities; c) specifying a dollar amountinvestment to a specific issuer's debt security issuance; and d)specifying a percentage allocation of the interest earned to variousinvestment maturities options.
 7. The system of claim 1, wherein saidlisting a plurality of debt securities from a plurality of debtsecurities issuers includes providing an investor with a list ofavailable debt securities for reinvestment;
 8. The system of claim 1,wherein said selecting from a plurality of issuer's debt securitiesincludes recording of an investors securities selection.
 9. The systemof claim 1, wherein said specifying a dollar amount investment to aspecific issuer's debt security issuance includes recording an investorsdollar amount of investment.
 10. The system of claim 1, wherein saidspecifying a percentage allocation of the interest earned to variousinvestment maturities options includes recording a percentage allocationof interest earned.
 11. A data processing system for investing in a fullmaturity option bond fund, the system comprising: a) means for receivingdata; b) means for storing data; c) means for retrieving data; and d)means for transmitting data.
 12. The system of claim 11, wherein saidmeans for receiving data includes: a) means for establishing acommunications link between a host computer and at least one remote userinvestor computer; b) means for querying a remote user computer for thepurpose of obtaining detailed specification of an investor session; c)means for receiving electronic transactions from a remote user investorcomputer; d) processing means for authenticating remote investor userinformation; and e) means for recording remote investor transactions.13. The system of claim 11, wherein said means for storing data includesmeans for transmitting remote investors data to a storage media.
 14. Thesystem of claim 11, wherein said means for retrieving data includesmeans for transmitting investor data from a storage media;
 15. Thesystem of claim 11, wherein said means for transmitting data includesmeans for establishing a communications link between a host computer andat least one remote user computer; 16 The system of claim 11 wherebyregistered investors having a computer possessing Internet accesscapabilities can view their portfolio.
 17. The system of claim 11whereby registered investors having a computer possessing Internetaccess capabilities can process transactions including the andacquisition of one or more debt securities.
 18. A method for investingin a full maturity option bond fund by registered investors comprisingthe steps of: a) receiving investor data; b) storing investor data; c)retrieving investor data; and d) transmitting investor data;
 19. Themethod of claim 18, wherein said receiving investor data includes: a)establishing a communications link between a host computer and at leastone remote registered investor computer; b) querying a remote registeredinvestor computer for the purpose of obtaining detailed specification ofa registered investor session; c) receiving electronic transactions froma remote registered investor computer; d) authenticating remoteregistered investor information; and e) recording remote registeredinvestor data.
 20. The method of claim 18, wherein said storingregistered investor data includes transmitting remote registeredinvestor data to a storage media.
 21. The method of claim 18, whereinsaid retrieving registered investor data includes transmitting remoteregistered investor data from a storage media;
 22. The method of claim18, wherein said transmitting registered investor data includesestablishing a communications link between a host computer and at leastone remote registered investor computer;
 23. The method of claim 18whereby said registered investor having a computer possessing Internetaccess capabilities can process transactions online.
 24. The method ofclaim 18 whereby any interested party having a computer possessingInternet access capabilities can view a list of debt securities forreinvestment.
 25. The method of claim 18 whereby any interest partyhaving a computer possessing Internet access capabilities can invest inthe posted debt securities.